- XRP continues to exhibit a weak trend in the market.
- Even though trends are weak, buyer interest has remained noticeable.
- Key market players are seeing potential in alternative options like Toncoin.
Explore the latest trends and developments affecting XRP’s performance in the crypto market.
Ripple’s Struggle with a Persistent Downtrend
Analyzing XRP’s daily technical performance reveals a continued bearish inclination. The price movement remains below both the short-term and long-term moving averages, reinforcing resistance levels and weak market momentum.
The short moving average continues to trail below the long moving average, signaling persistent bearish sentiment. XRP’s price has consistently lingered underneath both moving averages, further highlighting the ongoing weak trend.
At the end of June 26, the price of XRP closed at roughly $0.469, reflecting a 1.35% decline. The price slightly dipped to about $0.466, marking a less than 1% drop. The RSI has edged closer to the oversold territory, hovering around 35, hinting at a potential bounce if it crosses below 30.
Toncoin’s Rising Market Influence
CoinMarketCap’s data showed that XRP faced a 6% decline over the past week, following closely behind Bitcoin’s 7% drop. Currently, XRP’s market capitalization stands at $26 billion, securing its place as the seventh-largest cryptocurrency.
Meanwhile, Toncoin’s ascent has been remarkable, now occupying the eighth spot with a market value of $18.6 billion. Toncoin’s swift climb in the market, overtaking well-known cryptocurrencies such as Tron Dao, Cardano, and Dogecoin, underscores its increasing presence and investor confidence.
If XRP continues its downward trajectory while Toncoin maintains its upward momentum, we could witness a significant reshuffle in the market cap rankings.
Assessing the Interest in XRP
Recent analysis from Coinglass indicated that XRP’s Open Interest remains relatively low, approximately hovering around $580 million. This stagnation since a major drop in April highlights the dwindling influx of capital and trader activity in XRP derivatives.
Despite the low Open Interest, the Funding Rate has stayed positive at about 0.0086%. A positive Funding Rate implies that maintaining long positions is costlier than short positions, suggesting that buyers still hold some influence over the market.
While this doesn’t completely negate the subdued trading activity, it points to a lingering, albeit limited, bullish sentiment among some traders.
Conclusion
In summary, XRP continues to struggle with bearish trends, paralleled by a low market interest. In stark contrast, Toncoin is gaining ground and favor among investors. The cryptocurrency market remains dynamic, with potential shifts in market cap rankings on the horizon as we approach the final quarter. Traders and investors will need to monitor these developments closely to gauge future market directions.
